Postal Service offering early retirement to 15,500

By BenefitsPro

By Paula Aven Gladych

The U.S. Postal Service is offering early retirement to more than 15,500 employees as a way to reduce its workforce without laying people off.

According to a report in Government Executive, the USPS sent out notices to 15,580 field employees who hold supervisory positions. Employees were expected to receive the notice this week, but won’t receive the actual application until Sept. 20. Those workers who decide to take the early retirement deal must make their decision known by Nov. 29.

The Postal Service isn’t offering monetary incentives for people to leave. They will just be eligible to receive their pension benefits earlier than they would have been otherwise.

Government Executive said participants in the Federal Employees Retirement System who choose a January retirement date will receive 100 percent retirement credit for accrued sick leave, but those who choose an earlier December date will not.

The agency has already downsized its workforce by about 200,000 employees over the past few years. Postmaster General Patrick Donahoe said he needs to reduce the current workforce of 500,000 by an additional 100,000 employees if USPS is to become financially stable.